Strategic Pricing

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Copyright: 2013
Pages: 26
Source title: Marketing Decision Making and the Management of Pricing: Successful Business Tools
Source Author(s)/Editor(s): Dr. Rajagopal (EGADE Business School, Tecnologico de Monterrey (ITESM), Mexico)
DOI: 10.4018/978-1-4666-4094-8.ch001

Keywords: Business & Management / Business Science Reference / Marketing

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Abstract

Pricing is complex but has become manageable for firms with new tools and techniques in the marketplace. The ability to set the right price at the right time is also becoming increasingly important for firms to sustain market competition. Prices indicate perceptions of customer value and also delineate objectives of the firms. Pricing plays a key role in the marketing strategy. Strategic choices about market targets, products, and distribution set guidelines for both price and promotion strategies. Most firms use pricing as a demand detonator for a product, but few of them realize how it affects the consumption of a product. The firms that play with the price of products and services for influencing the demand need to understand that the relationship between pricing and consumption lies at the core of customer strategy. This chapter presents a methodical approach to strategic pricing analytics, based on a review of the literature and applying a set of best practices to maximize profit. The discussion guides both students and professionals on how to identify and exploit pricing opportunities in various business contexts and develop appropriate strategies.

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